TJ Biopharma and Biogen sign $850M deal for felzartamab rights in Greater China

On April 20, TJ Biopharma entered into a landmark collaboration with global biotechnology leader Biogen. Under the agreement, Biogen will obtain exclusive development and commercialization rights to felzartamab in the Greater China Region for a total consideration of up to $850 million. This transaction fully integrates the worldwide rights to this closely watched innovative drug, marking a highly significant deal in the field of Chinese innovative drug out-licensing in recent years.

Under the terms of the agreement, TJ Biopharma will receive a one-time upfront payment of $100 million and is eligible for up to $750 million in potential milestone payments. In addition, TJ Biopharma will be entitled to ongoing tiered royalties ranging from mid-single-digit to low-double-digit percentages based on net sales in the Greater China Region. More importantly, Biogen will assume the outstanding milestone payment and royalty obligations under TJ Biopharma's existing licensing agreement with MorphoSys (a wholly-owned subsidiary of Novartis), effectively enabling TJ Biopharma to divest subsequent R&D and commercialization risks while achieving steady value realization.

Looking back at the global landscape, Biogen had previously acquired HI-Bio in July 2024 for $1.8 billion, securing worldwide rights to felzartamab outside the Greater China Region. This $850 million transaction to secure rights in China brings the value of the Greater China Region deal close to that of the rest of the global market combined, underscoring the high regard multinational pharmaceutical companies have for China's autoimmune disease and nephrology markets.

As an investigational human monoclonal antibody targeting CD38, felzartamab possesses significant clinical potential due to its unique mechanism of action. It selectively depletes CD38-positive plasma cells, blocking the generation of pathogenic antibodies at the source. This first-in-class therapeutic candidate holds promise as a pipeline-in-a-product across multiple indications, with broad application potential in immune-mediated diseases.

Currently, TJ Biopharma has submitted a Biologics License Application for felzartamab for the treatment of multiple myeloma to the NMPA, which is now under regulatory review. Meanwhile, Biogen is advancing multiple global pivotal Phase 3 clinical studies for indications including antibody-mediated rejection in kidney transplant recipients, IgA nephropathy, and primary membranous nephropathy. As China has the largest patient population globally for both IgAN and PMN, the vast unmet clinical need provides a solid market foundation for the subsequent development and commercialization of felzartamab.

As early as April 2025, TJ Biopharma entered into efficient collaboration with Biogen, jointly participating in international multi-center Phase 3 trials of felzartamab for IgAN and PMN. TJ Biopharma's solid achievements in rapidly advancing the product to the regulatory submission stage in the Greater China Region laid a strong foundation for this high-value transaction.

For Biogen, the consolidation of worldwide rights enables integrated management across R&D, clinical development, and commercialization, significantly improving global development efficiency. It further strengthens Biogen's strategic presence in autoimmune and nephrology areas, creating effective synergies with its existing portfolio and accelerating the delivery of innovative treatment options to patients in the Greater China Region.

For TJ Biopharma, this collaboration represents another successful validation of the company's "fast-to-market and tiered value realization" business model. It also marks another major licensing deal with a multinational pharmaceutical company, following the 2024 strategic collaboration with Sanofi for uliledlimab in the Greater China Region.

Through this transaction, TJ Biopharma has achieved value realization in the Greater China Region at an optimal valuation inflection point. While securing substantial cash inflows, the company retains long-term royalty participation rights and commercial manufacturing supply rights. Going forward, TJ Biopharma will supply the product through its GMP manufacturing facility in Hangzhou, continuing to play an active role in the value chain. This transaction also enables TJ Biopharma to further sharpen its strategic focus, concentrating resources on advancing its two-wave innovative pipeline — accelerating late-stage assets in the first wave and first-in-class potential programs powered by its proprietary AntibodyPLUS platform in the second wave.

This $850 million landmark collaboration represents not only a win-win for TJ Biopharma and Biogen but also signals that China's innovative drug licensing capabilities have entered a new phase of high-quality development. The Greater China Region is no longer merely a commercial extension for global innovative drugs, but has become a core component of global value creation and valuation. With solid clinical development capabilities and mature deal-making expertise, local Chinese innovative drug companies are gaining increasing bargaining power and value leadership in global drug development collaborations.

As the global clinical development of felzartamab steadily advances and regulatory review continues in China, this innovative drug is expected to benefit patients in China and around the world as soon as possible. Meanwhile, TJ Biopharma will continue to demonstrate the power of Chinese innovation in global pharmaceutical collaboration through its proven licensing strategy and differentiated pipeline.